Regulatory Compliance

Often driven by international forces, the recent past has seen a significant increase in the number and complexity of regulatory compliance expectations at both the federal and provincial levels. While anti-money laundering (AML), anti-spam (CASL) and FATCA most readily come to mind as matters of regulatory compliance, they are far from being the only such issues. A host of other legislation, regulations and reporting requirements, as well as voluntary “Codes of Conduct” and “Guidelines” also direct financial institutions’ behaviour.

To help credit unions navigate this critical and rapidly changing area, CCUA partners with compliance experts at the regional Centrals to provide thought leadership, monitor developments in this space and undertake a range of activities in support of credit unions’ regulatory compliance efforts. Member login may be required.

Anti-Money Laundering

Canada’s anti-money laundering and anti-terrorist financing framework is administered through the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), under which credit unions are required to meet a variety of customer identification, due diligence and record-keeping obligations, as well as to report suspicious and certain prescribed transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Privacy

Canada’s privacy laws not only govern how organizations collect, use and disclose personal information, but also enable individuals to access and manage their personal information. A variety of tools and resources have been developed to help credit unions manage their obligations under personal information protection legislation.

Common Reporting Standard (CRS)

Slated to come into force in Canada on July 1, 2017, the CRS will require financial institutions, including all credit unions, to collect and report detailed information on accounts they maintain on behalf of residents of jurisdictions other than Canada or the U.S.

Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) – U.S. legislation that requires financial institutions around the world, including many Canadian credit unions, to collect and report detailed financial account information of U.S. taxpayers – started coming into force in 2014.

Canada's Anti-Spam Legislation (CASL)

Canada’s
anti-spam law (CASL) started to come into force in stages on July 1, 2014.The legislation is binding on any
corporation, whether provincially or federally incorporated and goes beyond
just regulating unsolicited emails, or “spam.”

Trademarks

Canadian Credit Union Association manages and provides professional services relating to the development, registration, maintenance and protection of trademarks and intellectual property on behalf of the credit union system.